Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) Receives Consensus Rating of “Buy” from Brokerages

Shares of Avadel Pharmaceuticals PLC. (NASDAQ:AVDL) have been given an average recommendation of “Buy” by the six research firms that are currently covering the firm, MarketBeat reports. Six analysts have rated the stock with a buy recommendation. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $18.17.

A number of analysts have commented on the company. HC Wainwright reissued a “buy” rating and set a $21.00 price objective on shares of Avadel Pharmaceuticals in a report on Tuesday, March 4th. Needham & Company LLC restated a “buy” rating and issued a $19.00 target price on shares of Avadel Pharmaceuticals in a research note on Thursday, May 8th.

Avadel Pharmaceuticals Trading Up 0.6%

AVDL stock opened at $9.60 on Friday. The stock has a 50-day moving average price of $9.09 and a 200-day moving average price of $8.78. Avadel Pharmaceuticals has a 1-year low of $6.38 and a 1-year high of $17.30. The firm has a market cap of $928.70 million, a PE ratio of -35.56 and a beta of 1.45.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Wednesday, May 7th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.02. Avadel Pharmaceuticals had a negative return on equity of 36.07% and a negative net margin of 13.58%. The firm had revenue of $52.51 million during the quarter, compared to analyst estimates of $50.57 million. During the same period last year, the company posted ($0.30) EPS. The business’s quarterly revenue was up 93.2% on a year-over-year basis. On average, analysts forecast that Avadel Pharmaceuticals will post -0.51 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in AVDL. Rhumbline Advisers increased its stake in Avadel Pharmaceuticals by 2.0% in the fourth quarter. Rhumbline Advisers now owns 124,137 shares of the company’s stock valued at $1,305,000 after acquiring an additional 2,492 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the fourth quarter valued at about $140,000. Investors Asset Management of Georgia Inc. GA ADV boosted its position in Avadel Pharmaceuticals by 21.4% during the fourth quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 120,275 shares of the company’s stock valued at $1,264,000 after buying an additional 21,200 shares during the period. Oppenheimer & Co. Inc. boosted its position in Avadel Pharmaceuticals by 102.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 67,068 shares of the company’s stock valued at $705,000 after buying an additional 33,963 shares during the period. Finally, Modera Wealth Management LLC boosted its holdings in shares of Avadel Pharmaceuticals by 29.6% during the fourth quarter. Modera Wealth Management LLC now owns 782,567 shares of the company’s stock worth $8,225,000 after purchasing an additional 178,601 shares during the period. Institutional investors own 69.19% of the company’s stock.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc operates as a biopharmaceutical company in the United States. Its lead product candidate is LUMRYZ, a formulation of sodium oxybate, which is in a Phase 3 clinical trial for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy. The company was formerly known as Flamel Technologies SA and changed its name to Avadel Pharmaceuticals plc in January 2017.